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UH C.T. Bauer College of Business: Renewed Optimism in Oil Markets – What it Means for Houston's Economy
UH C.T. Bauer College of Business: Renewed Optimism in Oil Markets – What it Means for Houston's Economy

UH C.T. Bauer College of Business: Renewed Optimism in Oil Markets – What it Means for Houston's Economy

Download this January 2017 presentation from Robert W. Gilmer, Ph.D.

  • Late 2015 and early 2016 may have been the worst period ever for American oil, and we have lost about 80,000 local oil-related jobs since December 2014
  • The official employment data continue to show Houston’s overall labor market growing slowly, adding 35,100 jobs in the last 24 months But pending revisions to this data paint a bleaker picture of job loss and possible mild recession 
  • Unlike many other oil downturns, the U.S. economy continues to grow strongly, helping Houston’s many employers that sell into national markets. A major expansion of petrochemical plants on the ship channel for many months, but is now winding down 
  • Optimism has crept into the drilling market, with some conviction that we put the worst behind us. Oil prices have come off the bottom, and the rig count has turned up steadily since finding a bottom in May. Now OPEC added momentum to oil markets with proposed cuts 
  • U.S. growth? A definitive turn in drilling? The end of petrochemical construction? Adverse data revisions? How does it all add up?

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